Old National Bancorp’s (ONB) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB)‘s stock had its “sector perform” rating restated by investment analysts at Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $26.00 price objective on the bank’s stock, up from their prior price objective of $24.00. Royal Bank of Canada’s price target indicates a potential upside of 11.00% from the company’s previous close.

ONB has been the subject of several other research reports. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Raymond James restated a “strong-buy” rating and set a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a research note on Wednesday. Keefe, Bruyette & Woods increased their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Barclays raised their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.38.

Old National Bancorp Trading Down 1.0 %

Shares of Old National Bancorp stock traded down $0.24 during trading hours on Wednesday, hitting $23.42. The company’s stock had a trading volume of 1,336,588 shares, compared to its average volume of 3,765,715. The stock has a 50 day moving average of $22.11 and a 200 day moving average of $20.10. Old National Bancorp has a 12 month low of $15.36 and a 12 month high of $24.17. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $7.47 billion, a PE ratio of 14.17 and a beta of 0.87.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. During the same period in the previous year, the business posted $0.46 EPS. Analysts predict that Old National Bancorp will post 1.82 earnings per share for the current year.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. Pacer Advisors Inc. boosted its holdings in shares of Old National Bancorp by 2.1% during the 4th quarter. Pacer Advisors Inc. now owns 47,550 shares of the bank’s stock worth $1,032,000 after buying an additional 975 shares in the last quarter. KBC Group NV boosted its stake in Old National Bancorp by 33.5% during the fourth quarter. KBC Group NV now owns 13,067 shares of the bank’s stock worth $284,000 after acquiring an additional 3,278 shares in the last quarter. UMB Bank n.a. grew its holdings in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after purchasing an additional 663 shares during the period. HB Wealth Management LLC acquired a new stake in Old National Bancorp in the fourth quarter worth $220,000. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Old National Bancorp in the fourth quarter valued at $209,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.